4TH FEBRUARY, 2020

Tax Cloud Announces New Reduced Pricing

Our Tax Cloud portal has always been about offering an outstanding, fully supported R&D Tax Credits service at an exceptional price. This remains the case for 2020 and beyond, and we’ve recently made some improvements to streamline our service and help keep it competitive. With this in mind, we’ve updated our pricing structure to reflect the changes, and we wanted to let all our valued customers know about the changes.

Here we explain in more detail:

What are the updates to the pricing structure?

Essentially, our new fee structure is based on the Corporation Tax Savings (CTS) that a company is awarded when they successfully claim for R&D Tax Credits. Our new rates are either 2.5% or 5% of CTS and we continue to operate on a ‘no win, no fee’ basis. This means we only raise an invoice once a claim is submitted, and the actual payment of that invoice is only due when the company receives payment from HMRC.

The Tax Cloud website mentions two percentages - there’s a 5% rate and a 2.5% rate. What’s the difference between the two and how do I know which one applies to my claim?

The different percentages are in relation to the Corporation Tax Saving (CTS). The 5% rate applies to companies with a CTS up to £200,000, and any claim which results in more than £200,000 worth of corporation tax benefit will be charged at the 2.5% rate. This is regardless of whether the benefit is received as a reduction in Corporation Tax or as a payable R&D Tax Credit. So, if your benefit was £200,001 then the fee for using the Tax Cloud portal, including support from our experts, would be 2.5% of £200.001.

What’s the best way to know how much I’d pay?

Use the Tax Cloud calculator! There is a handy R&D tax credit calculator on our website offering a highly accurate, tailor-made solution for any UK company. All you need to do is enter in your R&D costs and the calculator will generate an estimate of what your R&D claim could be worth as well as what our fee would be, based on that estimate.

What was the previous pricing structure and why the change?

Previously our fees were based on corporate expenditure on R&D. However, other R&D tax relief advisors have based their fees on how much Corporation Tax has been saved instead. We’ve decided to bring our fees into line with industry standards. This makes it easier to compare our fees with other offerings in the market. We’ve also streamlined our service, which has enabled us to reduce our pricing and make us highly competitive in comparison to other R&D tax specialists.

Why are there two different fee levels?

We originally launched Tax Cloud as a perfect solution for small companies, but we’re now convinced that it’s a great solution for medium-sized and larger enterprises too. We want larger businesses to know that when they submit their R&D claim using Tax Cloud they are getting an excellent service at a competitive price. The reduced rate of 2.5% for higher claim values means that we are offering an alternative to other tax advisors in the market who tend to work on fixed or hourly rates.

What does the change mean for existing Tax Cloud customers?

The good news is that our new rates are applied to all claims started on or after 1st January 2020, as well as to all claims that were already in progress. This means that our loyal existing customers will automatically benefit in the same way as new customers.

Why should I use the Tax Cloud portal for my next R&D tax relief claim?

Tax Cloud has been developed by the R&D tax experts at Myriad Associates, so we highly recommend giving the Tax Cloud UK portal a try or simply request a demo to see the software for yourself. Offering a fully guided end to end process, Tax Cloud produces a PDF claim report that’s in line with what HMRC expect and boasts an impressive 100% success rate. It’s incredibly cost-effective too and offers a wealth of support along the way. Why not try using Tax Cloud for your next claim and see what the Tax Cloud portal can do for your business? There is no long-term contract, so you’re free to try Tax Cloud for one claim and thane move on if you’re not happy – but we think you will be!.

What are the benefits of using Tax Cloud UK?

Apart from the ease of use, no win no fee pricing and cost-effective fee? Plenty!

You’re claim is guided and reviewed by R&D tax relief experts. There’s no guess work involved, and no worrying about issues with HMRC. Our team is made up of R&D specialists, accountants and tax advisors with over 20 years’ experience in preparing R&D claims. This means you’re effectively getting the full consultancy service and all the support you could need, but without the consultancy price tag. With us, you know you’re not simply assigned to a junior member of the team; instead you’re always dealing with a highly knowledgeable expert at every step of the process.

Another advantage of using the Tax Cloud portal is that it’s available 24/7. It’s entirely web-based so you can access it whenever and wherever you want to. It’s also available outside of normal office hours, making it flexible and convenient to you. You don’t need to take time out of your day for any face-to-face meetings either, but you’ll still enjoy the support of our highly experienced experts via email, or through our live chat facility. Of course, you’re also welcome to pick up the phone and speak to us, or leave a message using our contact form and we’ll be pleased to respond as quickly as possible.

Don’t leave your R&D Tax Credit claim to chance

Make sure you consult the Tax Cloud experts to ensure your claim is fully optimised, accurate and successful.

If you would like to speak to us about anything we’ve covered in this article, please do have a look at our R&D Tax Credits webpage or call us today on 0207 118 6045 - we’re here to help.

Barrie Dowsett, ACMA, GCMA
Author Barrie Dowsett, ACMA, GCMA CEO, Tax Cloud
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Myriad Associates helps businesses maximise tax reliefs and secure R&D grant funds. We specialise in R&D Tax Credits, Video Games Tax Relief, Innovate UK grants, Horizons 2020 grants, and Research and Development Capital Allowance Claims.

  • Submitting R&D tax claims since 2001
  • 100% success rate
  • Over £100m claimed and counting
  • Industry leading specialists
  • In-house technical, costing and tax experts
  • Member of the Research and Development Consultative (RDCC) committee

Meet some of the team behind Tax Cloud

Barrie Dowsett Barrie Dowsett ACMA CGMA Chief Executive Officer
David Farbey David Farbey MA, FISTC, FRSA Technical Consultancy Director
Lisa Waller Lisa Waller CTA, ACCA R&D Tax Manager
Lauren Olson Lauren Olson MA, MISTC Senior Technical Consultant